WASHINGTON (AP) -- Federal Reserve Chair Janet Yellen said Friday that the last several decades have seen the most sustained rise in income inequality in a century.
In a speech to a Boston conference on economic opportunity, Yellen said this problem is of great concern to her and she pointed to increased education and ownership of small businesses as two ways to deal with the problem.
"It is no secret that the past few decades of widening inequality can be summed up as significant income and wealth gains for those at the very top and stagnant living standards for the majority," Yellen said in her remarks to a conference on economic opportunity sponsored by the Federal Reserve Bank of Boston.
"Society faces difficult questions of how best to fairly and justly promote equal opportunity," Yellen said. But she said she did not plan to offer solutions to these "contentious questions" but instead used her remarks to describe the landscape of inequality as it exists today.
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